For a competitive firm, the supply curve is that part of the average variable cost curve that is above the short-run marginal cost curve.
Answer the following statement true (T) or false (F)
False
The marginal cost curve is the supply curve above the AVC.
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The marginal propensity to consume (MPC) is the
A) fraction of additional income that is spent. B) fraction of additional consumption that is not based on the level of income. C) ratio of consumption to savings. D) ratio of consumption to income.
Social capital is
a. the shared values and trust that promote cooperation in the economy b. the buildings and equipment used to produce goods and services c. a government regulation aimed at improving health and safety d. the accumulated knowledge, skill, and experience of the labor force e. the owner's own or borrowed money invested in a business
When restrictions alter the pattern of international trade, the _____ benefit and the _____ suffer(s)
a. domestic consumers; domestic producers b. domestic consumers; government c. domestic producers; domestic consumers d. foreign producers; domestic producers e. foreign producers; domestic consumers
Refer to the given table. Suppose the columns in this table reflect demand and supply. At a price of $30:Price Per UnitColumn A Units Per YearColumn B Units Per Year$2010040$309550$408060$506570$605080
A. there will be an excess demand of 95 units. B. there will be an excess demand of 45 units. C. there will be an excess supply of 45 units. D. the market will be in equilibrium.